accounting system

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Related to Accounting method: accrual basis
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Noun1.accounting system - a bookkeeper's chronological list of related debits and credits of a businessaccounting system - a bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts
account book, book of account, ledger, leger, book - a record in which commercial accounts are recorded; "they got a subpoena to examine our books"
control account - an account that shows totals of amounts entered in a subsidiary ledger
accounting entry, ledger entry, entry - a written record of a commercial transaction
credit side - account of payments received; usually the right side of a financial statement
debit side - account of payments owed; usually the left side of a financial statement
accrual basis - a method of accounting in which each item is entered as it is earned or incurred regardless of when actual payments are received or made
cash basis - a method of accounting in which each item is entered as payments are received or made
pooling of interest - an accounting method used in the merging of companies; the balance sheets are added together item by item; this method is tax-free
audit, audited account - an inspection of the accounting procedures and records by a trained accountant or CPA
limited review, review - (accounting) a service (less exhaustive than an audit) that provides some assurance to interested parties as to the reliability of financial data
register - a book in which names and transactions are listed
References in periodicals archive ?
The preamble also notes that guidance concerning the resolution of accounting method issues for taxable years beyond those under Exam, before Appeals, or before a federal court will be issued.
05 per share, down from 1993's first quarter income before change in accounting method of $2,851,000, or $0.
Due to our review of our lease accounting practices, as well as other matters including a potential voluntary change of inventory accounting method from the LIFO-based method to the FIFO-based method, which we are currently evaluating, our year-end financial closing process is taking longer than anticipated.
An accounting method affects when an item of income or deduction is recognized.
A conformity rule prevents a taxpayer, who regularly uses some other accounting method to determine income to owners and others for purposes of its books and financial statements, from using this revenue procedure to switch to the cash method.
Generally, TEI commends the IRS for improving and simplifying the procedures for securing consent for changes in accounting method.
A sigh of relief usually follows when a tax practitioner informs a client that a particular accounting method change request can be filed under the automatic accounting method change procedures.
The result is that the change was not an accounting method change, and therefore the Tax Court rejected the section 481 deduction the IRS imposed on the taxpayer.
The Internal Revenue Service issued a new revenue procedure on May 8, 1997, revising the general guidelines and applicable terms and conditions for requesting voluntary federal income tax accounting method changes.
381(a) transaction, the accounting method or combination of methods used by the parties before the transaction will generally continue.
Split decision: For the taxpayer on the accounting method issue and for the IRS on the capitalization of the legal retainer.
Furthermore, the rules provide various window periods within which voluntary accounting method changes may be secured, following contact for examination but before a compulsory change imposed by the Commissioner.

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